Meat Substitute Market to Hit $234.7 Billion by 2030 - Grand View Research, Inc.

SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- Vegan or vegetarian food intake is becoming an essential food trend, and so is the need of consumers for undertaking meat substitutes globally owing to health consciousness. Meat is an unprocessed and wholesome food but replacing it with substitutes results in the addition of flavor, colors, fillers, and additives that can harm human health. Some of the common meat substitutes like mushrooms, soya chunks, different types of beans, wheat gluten, and green peas are likely to help create a balance in the diet of consumers with the purpose to meet dietary objectives. The need to maintain a healthy lifestyle resulted owing to the COVID-19 impact that disrupted the traditional meat consumption pattern. Due to the improved health trends, the meat substitute market is expected to reach USD 234.7 billion at a CAGR of 42.1% from 2022 to 2030, thus successfully constituting meat substitute as a nutritious alternative beneficial for both the environment and human health.

The intake of meat substitutes is becoming a rising trend for the management of weight and reducing cholesterol by decreasing the inclusion of saturated fat in daily diet. The aspect of consuming meat substitutes increased in the year 2001 and continued to be successful till the present year. Additionally, over the years the outbreak of certain foodborne diseases like E Coli and mad cow disease brought changes in the perceptions of consumers to increase the intake of healthy alternatives to meat, hence driving growth in the purchase of meat substitute products.

Moreover, an initiative such as Meatless Monday was highly adopted by the consumers that encouraged them to reduce meat consumption on a large scale. Based on this initiative, consumers constituted the dedication to consuming vegan or vegetarian food products for one day per week, thus driving the trend of maintaining a healthy lifestyle. Owing to this, there has been an increase in the purchase of meat substitutes by 5%, especially on every Monday. For instance, jackfruit is considered one of the most common substitutes for meat, and its intake every Monday resulted in the enhancement of its purchase by 33%, thus expanding the growth of the meat substitute market.

Furthermore, meat substitute brands like Impossible Foods and Beyond Meat are readily available in restaurants and grocery stores with the aim to provide a similar texture and flavor of meat in the form of color, aroma, and sizzle. These brands are effectively targeting both vegetarians and vegans, as well as the consumers preferring to consume meat but require suitable alternatives to reduce the intake of saturated fat and high fiber. For instance, the brand Beyond Meat has estimated that 70% of its consumers are omnivores and not vegetarians, consuming both meat products and plant-based products. Therefore, all these trends are merely focusing on the fact of consumers being health conscious which is deliberately enhancing the market growth of meat substitute products.

Key Industry Insights & Findings from the report:

• The Mycoprotein segment is projected to register the fastest growth as its more economical to produce and the reduced prices are also expected to drive growth
• The retail channel segment held the largest revenue share in 2021 due to nationwide lockdowns globally and the resultant increase in at-home consumption of food
• Asia Pacific is expected to register the fastest growth during the forecast period. Countries such as China and Australia and others are expected to see a rapid surge in the consumption of meat substitutes with consumers across these countries preferring to cut down meat consumption and form more healthy dietary habits

Read full market research report for more Insights, "Meat Substitute Market Size, Share & Trends Analysis Report By Source (Plant-based Protein, Mycoprotein, Soy-based), By Distribution Channel (Foodservice, Retail), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Meat Substitute Market Growth & Trends

There is no doubt that the outbreak of the COVID-19 pandemic has triggered a sense of having a healthy lifestyle and being free from any kind of disease. For instance, the fear of being affected by animal-borne diseases has resulted in concerns among consumers globally to reduce the intake of meat products. Hence, there has been an increase in the purchase and consumption of meat substitutes because of the health benefit factors that include protection from non-communicable diseases, obesity, and digestion issues.

The health factor is highly promoting the growth of meat substitute products in different regions globally. Hence, consumers are focusing not only on ordering meat substitutes online but also on purchasing them from grocery stores. For instance, there was a production of 140 meat substitute products in the United States by 2018 with an increase in sales by USD 5 billion in the year 2020, thus contributing to the market growth of meat substitutes.

In December 2021, a Tokyo-based company, Next Meals established a partnership with Vegan Meat India with the purpose of introducing meat alternative products. Additionally, this partnership resulted in the provision of diverse products for consumers with the availability of unique flavors that successfully catered to the dietary requirements.

In January 2022, KFC launched plant-based fried chicken with the addition of meat substitute products of Beyond Meat for a limited time. The aim of KFC is to promote healthy life choices based on the resolutions of consumers to intake plant-based proteins. Consumers are purposely reducing the consumption of meat and focusing on maintaining a healthy lifestyle, thus driving the growth of meat substitutes.

Meat Substitute Market Segmentation

Grand View Research has segmented the global meat substitute market on the basis of source, distribution channel, and region:

Meat Substitute Market - Source Outlook (Revenue, USD Million, 2017 - 2030)

• Plant-based Protein
• Mycoprotein
• Soy-based
• Others

Meat Substitute Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Foodservice
• Retail

Meat Substitute Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• Australia
• Central & South America
• Brazil
• Middle East & Africa

List of Key Players of Meat Substitute Market

• Amy's Kitchen
• Beyond Meat
• Impossible Foods Inc.
• Quorn Foods
• The Kellogg Company
• Unilever
• Meatless B.V.
• VBites Foods Ltd.
• Sunfed
• Tyson Foods, Inc.

Check out more related studies published by Grand View Research:

• Vegan Food Market - The global vegan food market size is expected to reach USD 24.06 billion by 2025 registering a CAGR of 9.6%, according to a new report by Grand View Research, Inc. Rapidly growing vegan population across the globe is driving the market.
• Soy Flour Market - The global soy flour market size is expected to reach USD 3.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.5% over the forecast period. Increasing demand for gluten-free and high nutritional value flour in the food industry is propelling the demand for soy based flour.
• Pea Protein Market - The global pea protein market size is projected to reach USD 554.9 million by 2028 registering a CAGR of 12.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by rising health consciousness among consumers coupled with increasing product demand from the nutraceutical industry.

Browse through Grand View Research's Consumer F&B Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.